Details obtained during assessment proceedings and utilised to determine the correct value of such properties. - Income Tax - 1267/CBDT

INSTRUCTION NO. 1267/CBDT Dated : May 6, 1979 The Public Accounts Committee in para 3.101 of their 7th Report (1977-78) have pointed out the essential details like area of land, built up area, specifications of construction site and building plans, copies of purchase deeds etc. were not obtained by Income Tax Officers during assessment proceedings. Consequently, the values returned by the assessees had to be accepted without necessary enquiries. 2. The lapses as pointed out by the PAC are very serious. The Board desire that essential details like area of land, build up area, specification of construction sites and building plans, copies of purchase deeds etc. in respect of immovable properties are obtained during assessment proceedings and utilised to determine the correct value of such properties.